Structuring your firm for good governance under OFR

Description

The introduction of outcomes-focused regulation (OFR) has made good governance a compliance issue. It is therefore essential that firms have a sound understanding of what is meant by and encompassed by the 'governance' concept. In order to meet their regulatory obligations, firms must understand the risk and quality issues specific to the firm, its staff, its practice areas, its clients and its geographical locations, and have in place sound plans to monitor, reduce and mitigate risks.

But governance must not be viewed in isolation from the other changes affecting the business landscape in which firms operate. External investment â€“ whether in the firm or its competitors â€“ will impact governance, management and equity structures. Equity structures, in turn, are coming under the microscope in many major firms, signalling the ideal opportunity to review governance and performance management in the firm.

This masterclass takes a holistic approach to law firm governance, giving delegates a clear understanding of the elements, challenges and benefits involved. The content of the day goes beyond the sole aim of achieving regulatory compliance and examines the business benefits â€“ the bottom line impact that good governance brings to a firm and its equity holders.